Question 23 of 33 -/1 View Policies Current Attempt in Progress Blossom Company is authorized to issue 13000 shares of 9%, $100 par value preferred stock and 415000 shares of no-par common stock with a stated value of $1 per share. If Blossom issues 5000 shares of preferred stock for land with an asking price of $550000 and a market value of $525000, which of the following would be the best journal entry for Blossom to record? O Land 525000 Preferred Stock 525000 O Land 525000 Preferred Stock 500000 25000 Paid-in Capital in Excess of Par- Preferred O Land 500000 Preferred Stock 500000 O Land 550000 Preferred Stock 500000 50000 Paid-in Capital in Excess of Par- Preferred